OPEC Unlikely To Open The Oil Taps In June

OPEC probably won’t decide in June to bring back more oil supply, because the cartel and its allies will be watching the ongoing geopolitical events that could impact broader global growth, David Lennox, resources analyst at Fat Prophets, told CNBC on Tuesday. Reports that Russia and Saudi Arabia are considering increasing oil production to ‘ease supply concerns and market anxiety’ sent oil prices plummeting last week, ending Monday at their lowest since May 8 . Talk of OPEC possibly discussing bringing back some production as soon as the June meeting in Vienna has only grown in the past few days. “They probably won’t do anything in June, they’ll just stay pat at this point of time, because there are a lot of other geopolitical events going on around the globe that could have an impact on broader global growth,” Lennox told CNBC. They will probably “sit pretty much pat”, […]